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JV close to acquiring Hyatt Regency Orlando. A joint venture between Los Angeles-based Ares Management and Houston-based Rida Development is close to acquiring the 1,641-key Hyatt Regency Orlando from Hyatt Hotels Corp. in a deal that values the property for more than $1 billion, according to a report by Bloomberg. The JV would use a CMBS loan to close the transaction. Last week, during its earnings call, Hyatt said it expects to close on the sale of an asset by the end of August (which R.W. Baird analyst Michael Bellisario said is the Hyatt Regency Orlando). The deal would complete the company’s $2 billion asset sell-down commitment.